The following information was obtained from the books of the Greybo Company for the year: Opening balances: Raw materials inventory $25,000 WIP inventory $55,000 Finished goods $5,000 Closing balances: Raw materials inventory $18,000 WIP inventory $105,000 Finished goods $15,000 The company purchased raw material inventory to the value of $90,000. Conversion costs of $85,000 were incurred during the year. The cost of goods sold during the year was: Select one: 0 a. $37,000 O b. $80,000 a c. $122,000 0 d. None of the above a e. $32,000